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SBLI life insurance review 2021
This low-cost insurer fast tracks underwriting for eligible applicants — but its lineup is limited.
finder.com's rating: 4 / 5
★★★★★
- Get a quote if… You’re looking for a simple term, whole or no-exam policy
- Choose a different provider if… You want to apply for a permanent policy besides whole life
18 to 60
Issue Age
$100,000 to $20,000,000
Coverage
Not required for policies under $500,000
Medical Exam Required
Details
| Policies | Term, Whole, Final expense, Guaranteed issue |
|---|---|
| Coverage maximum | $20,000,000 |
| Term lengths | 10, 15, 20, 25, 30 years |
| Medical exam required | Not required for policies under $500,000 |
| Available states | Not available in New York and Montana. |
| Issue age | 18 - 60 years old |
Pros
- No-exam policies available
- Online policy management
- Potential to earn dividends
- Financial strength
Cons
- Not available nationwide
- Can only apply for term policies online
| Riders |
Accelerated death benefit rider Accidental death benefit rider Child rider Guaranteed insurability rider Term insurance rider Waiver-of-premium rider |
|---|
Review by
Katia Iervasi
katia.iervasi@finder.comKatia Iervasi is a staff writer who hails from Australia and now calls New York home. Her writing and analysis has been featured on sites like Forbes, Best Company and Financial Advisor around the world. Armed with a BA in Communication and a journalistic eye for detail, she navigates insurance and finance topics for Finder, so you can splash your cash smartly (and be a pro when the subject pops up at dinner parties).
Expert review
If you’re looking for no-nonsense term or whole life plans, consider SBLI. The insurer offers competitive rates and accelerated underwriting for some applicants who want to skip the medical exam. But if you’re in less-than-perfect health, you might be able to find better life insurance rates elsewhere.
Finder experts pick SBLI as a 2021 best brand for life insurance.
SBLI life insurance rates
SBLI doesn’t disclose its rates online. But to give you an idea of how much you might pay for coverage, these are the average monthly premiums for a $500,000, 20-year term life insurance policy for an individual in perfect health.
| Age | Male | Female |
|---|---|---|
| 20 | $20.88 | $18.71 |
| 25 | $20.88 | $18.71 |
| 30 | $21.32 | $19.14 |
| 35 | $25.91 | $21.58 |
| 40 | $36.92 | $29.67 |
| 45 | $59.93 | $44.98 |
| 50 | $96.06 | $65.87 |
| 55 | $157.74 | $97.23 |
| 60 | $286.85 | $173.03 |
*Sample rates are provided by Quotacy and valid as of April 2019 in all states except New York and Montana.
How to get a quote from SBLI life insurance
You can get a quote or apply for term life insurance online.
- Head to SBLI’s site and click Get your quote.
- Enter your personal information as well as how much coverage you’d like and your desired length of term. Then click Calculate your quote.
- You’ll then be presented with a quote. From there you can wait for a representative to call you, or you can click Start your application to begin the application process.
- If you choose to continue the application process online, next you’ll be asked to provide further personal information, including your driving history, smoking habits (if any) and any dangerous hobbies. Then click Next to enter your health info.
- Answer the health questions and click Next to submit your application.
- An SBLI life insurance professional will contact you within one business day to get further information, or you can give them a call at 888-630-5000. Your quote may change based on the additional information your provide.
- Once you’re approved, you can sign up at mySBLI.com, where you can report a claim, download forms, make a payment and more.
What types of life insurance coverage does SBLI offer?
SBLI has a tight lineup of term, whole and no-exam policies.
- Term life insurance. This policy is available in 10-, 15-, 20-, 25- or 30-year terms and in coverage amounts between $100,000 to $500,000. It comes with a conversion feature, which means you can upgrade to a permanent policy before a specific deadline.
- Whole life insurance. The insurer’s whole life policy offers lifelong coverage and builds cash value over time at a fixed rate. The insurer offers a range of payment structures to suit policyholders’ budgets. You can pay level premiums for the life of the SBLI whole life insurance policy, or choose to pay your policy upfront or over the course of 10, 15 or 20 years.
- Final expense insurance. This type of whole life policy is available for applicants between 50 and 80 years old, and never expires. It provides a lump-sum payment of up to $35,000 to your beneficiaries that can be used for funeral services, credit card debt, medical bills or any way your beneficiary chooses.
- Accelerated underwriting. Open to those aged 60 or under, this policy offers up to $500,000 in term or whole life coverage — and most applicants are approved within a week.
What riders can I add to my policy?
Like most insurers, SBLI allows policyholders to personalize their coverage with riders. You might be eligible to add these extras to your policy:
- Accidental death benefit rider. Pays out your death benefit and an additional face amount if you die as the result of an accident.
- Accelerated death benefit rider. Pays up to half of your base death benefit up to $250,000 if you’re diagnosed with a terminal illness.
- Child rider. Extends coverage to your children up to age 23, with the ability to convert to a permanent policy.
- Guaranteed insurability rider. Allows you to purchase additional insurance at specified dates without having to take a medical exam.
- Term insurance rider. Allows you to add additional coverage to your permanent policy for a specified amount of time.
- Waiver-of-premium rider. Waives your policy premiums if you become disabled.
SBLI life insurance reviews and complaints
SBLI is accredited with the Better Business Bureau (BBB), and has an A+ rating for its customer engagement. The BBB has only recorded four complaints in the last three years, which is low for an insurance company of that size.
On TrustPilot, SBLI has 4 out of 5 stars, with many customers commenting on the efficient and personalized service. Some complained about billing issues and slower turnaround times.
| AM Best financial rating |
A+ |
| BBB accredited | Yes |
| BBB rating | A+ 3.89/5 out of 18 customer reviews |
| Trustpilot score | 4.2/5 out of 1,047 customer reviews |
| Customer reviews verified as of | 25 January 2021 |
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Our experts analyze life insurance companies to help you to find the strongest possible policy and premium for your family’s needs. We assess their financial strength, customer satisfaction, policy features and riders. We then give each insurer a score between one and five stars that reflects their offering and reputation in the industry.